The World Bank has increased Angola’s project portfolio volume to a total of $2.5 billion, following approval by its Board of Directors of a new financial package for the country in the total value of $1.32 billion.
Approved within the framework of the World Bank’s “Angola Day”, funding will be applied in three executive structuring initiatives, namely the project to strengthen the Social Protection System ($320 million), the Budget Support operation ($500 million dollars) and the Bita Project (Energy and Water) $500 million.
Speaking about the World Bank’s decision, Angolan Finance Minister, Archer Mangueira welcomed the support of the World Bank and highlighted the importance and central objectives of each of the projects that will benefit from this financing.
The Project to Strengthen the Social Protection System is part of the income transfer policy to protect low-income families.
This program, which will benefit one million households, aims to mitigate the impact of subsidy reforms on consumer purchasing power as a consequence of the short-term adjustment of prices of goods and services such as electricity, water and fuel tariffs.